NuScale Power, LLC ("NuScale"), today announced that it has retained Guggenheim Securities, LLC, a leading financial advisory and capital markets firm, to explore financing options to accelerate the commercialization of the Company’s groundbreaking small modular reactor (SMR) technology. NuScale is majority owned by Fluor Corporation (“Fluor”) (NYSE: FLR), a global engineering, procurement and construction (EPC) company.
"We are incredibly excited by the opportunities ahead for NuScale as the leader in the small modular reactor technology market. Following our final design certification by the NRC, we have the only approved design for a flexible, safe and zero carbon small modular nuclear energy reactor, with a clear path to commercial operation,” said John Hopkins, NuScale Chairman and Chief Executive Officer. “Given the level of interest from potential customers, investors and partners and growing global demand for clean energy alternatives, we have engaged Guggenheim Securities to evaluate the right options to raise additional capital and accelerate the development of our carbon-free power solution."
NuScale’s SMR technology made history in August 2020 as the first and only design to ever receive approval from the U.S. Nuclear Regulatory Commission. NuScale’s innovative and unique, fully passive, safe SMR design can generate 77 megawatts (MW) of zero carbon electricity using a safer, smaller and scalable version of traditional pressurized light water reactor technology. Modules safely shut down and self-cool, indefinitely, with no need for AC or DC power, operator or computer action, or additional water. This provides what is called an unlimited coping period – a first for light water reactor technology. The fully factory-made NuScale module offers scalable power based on demand and can meet grid capacity needs by providing both high capacity factor base load power and flexible load following power to support intermittent wind, solar and hydropower resources.
NuScale and Fluor – NuScale’s EPC partner – have an agreement with Utah Associated Municipal Power Systems (UAMPS) to build the first NuScale power plant, which will bring the United States’ first clean energy, carbon-free SMR project to commercialization. UAMPS received a $1.355 billion, ten-year award from the U.S. Department of Energy (DOE), subject to annual appropriations, for the project in October 2020.
It is expected that any proceeds raised through this process would be used by NuScale to accelerate and expand its SMR development program, including those elements currently supported by a DOE cost-share award. Fluor and its partners will continue to provide engineering services, project management and supply chain support to NuScale as part of any contemplated future agreement.
About NuScale Power
NuScale Power has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, and other process heat applications. This groundbreaking small modular reactor (SMR) design features a fully factory-fabricated NuScale Power Module™ capable of generating 77 MW of electricity using a safer, smaller, and scalable version of pressurized water reactor technology. NuScale's scalable design—power plants that can house up to four, six, or 12 individual power modules—offers the benefits of carbon-free energy and reduces the financial commitments associated with gigawatt-sized nuclear facilities. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with a 70-year history in commercial nuclear power.
NuScale is headquartered in Portland, OR, and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. Visit NuScale Power’s website.